PharmAbcine Inc. announced a private placement of 4,019,293 common shares at the price of KRW 1,244 per share for gross proceeds of KRW 5,000,000,492 on October 26, 2023. The transaction will include participation from new individual investor Choi Seung Hwan. The company will issue shares of par value of KRW 500 per share through third party capital increase method.

The shares will be locked up for a period of one year. Post closing, the total number of shares issued will increase from 26,116,040 shares to 30,135,333 shares. The transaction has been approved by board of directors of the company.